What is bankruptcy like?

[BlueCaliDem]

5. Filed last year. It takes a HUGE burden off and you get a fresh start.

I filed Ch.7 last year. Did it myself, actually. It cost me less than $500 dollars.

Even before I received the Notice of Discharge, I was getting credit card offers in the mail and was able to buy a new car for my daughter (2011 Honda Fit Sport - but she's making the payments since she earns $2100 after taxes per month). I'm rebuilding our credit.

Contrary to what you might have heard, Bankruptcy Laws are the ONLY consumer friendly laws in this country - so far. It isn't difficult to do. There's no shame in it. Remember, your creditors have been paid over and over again (at least, ours were since we had credit cards as old as ten years) and you're not harming them.

I wrote an almost step-by-step how to do it here: http://www.democraticunderground.com/?com=view_post&forum=1002&pid=658608

Oh, and we got to keep my husband's 1967 Porsche 912 (market value $2000 but could sell for $7,000), his 1976 Porsche 912e (rare car, under 300 left world wide, but market value is only $3000 but can sell for around $21K), my 1997 Toyota Previa (popular Van around here, could sell for $3500 - low miles at less than 140K), my 1998 Honda Civic (for my son), and exempted ALL our belongings. Got to keep everything, actually.